Buying your own home can be a very exciting process. You finally own property which belongs to you. However, there are certain legal and financial aspects you should be aware of before you buy a home in Alberta. The last thing you want to do is purchase the wrong house or get into legal trouble. Here’s what you need to know before buying a home.
Know the Property Rebate
Homebuyers, especially first time home buyers, are entitled to a rebate on the land transfer tax in Alberta. You can find out more in our previous post of ‘Property Rebates Applicable To First-Time Home Buyers in Canada’.
Get a Professional Inspection
Have you taken a look at the house and think it’s absolutely fine? This is why we always recommend that a professional inspection be done. There are multiple nuances to ensuring a house is safe and sound, which a lay-person might miss. You may have missed issues like moulds, damp walls, rotting wood, wiring issues and more.
A professional inspector knows what to look for and is not easily misled with good paintwork. Furthermore, after a professional inspection, you get a report. You can use this report to call out the seller on the home’s problems and negotiate a better price.
Read the Property Title
The property title defines what you can use the property for. This might be an issue if you wish to modify, build another structure or completely rebuild the property. Quite often property titles include details such as what structure you can build on the property, what activities can be conducted on it, and even what paint can be used.
Hence, the property title should be read and not ignored.
Review the Property Deed
The property deed is utilized to officially and legally transfer the home in your name. Ensure you review the deed and check that your name, and the previous owner’s name, is correct. Additionally, check if the property including the assigned size and property perimeter is being transferred.
Legal Assessment
Finally, have a legal professional review all documents before buying a home, this includes the property title, property deed, and Purchase and Sale Agreement. A real estate lawyer will assess all the documents and conditions at hand and identify any problematic or unfavourable parts. Furthermore, she will assist you in clearly understanding what the documents state, so there are no surprises once the purchase is done.
There are many things that one must do before buying a home. However, you must not forget the legal aspects that should be tackled. If you require a qualified real estate agent, Prowse Chowne will be able to adequately assist you.